What Goes On in Vegas
Reaches Wall Street

Talk about leveraging your bets: Would you believe a bond whose value is tied to the stock performance of a casino?

In the increasingly complicated world of financial derivatives, Wells Fargo & Co. has come up with just such a wrinkle. The San Francisco bank has issued $63 million in 10-year notes whose return will be determined not by the actions of Alan Greenspan or the price of Treasury bills but by the stock price of a Las Vegas casino operator, Station Casinos Inc. (which isn't involved in issuing the derivatives).